(EMAILWIRE.COM, May 15, 2020 ) [55 Pages Pages] The synthetic stem cells market is expected to grow from USD 14 million in 2023 to USD 37 million by 2028, at a CAGR of 22.5% during the forecast period.

The study involved four major activities in estimating the current market size for synthetic stem cells. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.

Market Size Estimation:

The top-down approach was used to estimate and validate the total size of the synthetic stem cells market. The approach was also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

- Synthetic stem cells that could be used as therapy were identified through secondary research, and their market shares in the respective segments were determined through primary and secondary research.

- The procedure included extensive interviews with industry leaders such as CEOs, VPs, directors, and marketing executives for key insights.

- All percentage shares, splits, and breakdowns were determined using secondary sources and are verified through primary sources.

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Data Triangulation:

After arriving at the overall market size from the market size estimation process explained above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedure was employed, wherever applicable. Data was triangulated by studying various factors and trends from industry experts.

By application, the cardiovascular diseases segment accounted for the largest share during the forecast period.

The major applications of synthetic stem cells include cardiovascular diseases, neurological disorders, and other diseases that require regenerative therapy. Cardiovascular diseases have high prevalence across the globe. Currently, synthetic mesenchymal cells have been developed only for cardiac tissue and have been tested in mice models. The research on cardiac synthetic stem cells is expected to enter the clinical phase in the coming 2-3 years, and the first commercial product would be cardiac synthetic stem cells in the next five years.

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North America is estimated to account for the largest share of the market in 2023. This is majorly attributed to the rising research on stem cells in the region, coupled with public-private funding. The region is a global leader in the research on regenerative therapies such as stem cells and is backed by funding on advanced research infrastructure to commercialize novel regenerative therapies. Moreover, North America is the pioneer of synthetic stem cell technology and will be the early adopter of this technology in the coming years.

Key Market Players:

The technology is developed and patented by North Carolina State University (NCSU) (US) and Zhengzhou University (China).